I'm fairly educated but not formally on the subject.

The idea is this: conservation of information does not break anywhere we've ever observed, and much of physics is based around the immutable "conservations."

This means, whatever happens, whatever billiard ball configuration of particles things are in, you can calculate where they came from and how they got to that position. It's very basic to causality and we've never seen exceptions to it, aggressively so, the universe tends to do funny things just to preserve this kind of law. Except in black holes. All of our understanding about them says that even if they evaporate over vast time scales, there's still no way to "reassemble" the information that comes out, it's a cosmic information laundering service, which breaks a very fundamental conservation.

So, the idea is... what if information is preserved around the "edge" where we see particles slowly fall in and seem to take a literal eternity to fall in? What if that somehow retains all the knowledge of everything that fell in? When you calculate this idea up, you get a sea of information happening at the smallest possible scale, where information gets packed into it's densest possible state. And it also lines up almost exactly with what we imagine the universe to look like when describing it entirely as an information system. What's really happening in this situation is the universe is basically a flat "sheet" of information "bits" that curls around you, you the observer is sitting right into the center of this parabolic "lens" that assembles this information into a 3D picture of the universe. (See: holographic universe principle.) This idea that our observation of the universe is the center of a projection somewhat explains a lot of things like subjective experiences, a lot of quantum weirdness and what's happening at the quantum foam scale.

To understand this better you have to discard your understanding of locality and that your perceptions and experiences of time and space are largely illusions made by your brain to explain the input you're getting. There is no real such thing as "That thing is far away" it's more like "there's an informational rule how much time/space is between this event and that event."

I recommend PBS Spacetime, they did a lot of videos about the idea but they can be a bit heavy if you haven't caught up a little on entropy and time/space diagrams and black holes.